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    0 Replies Latest reply on Mar 12, 2013 6:42 PM by ppyoung37

    Can a "Lender" take money out of your bank account, not fund & keep it?

    ppyoung37 Newbie

      I had a lender who took the first two daily ach payments (totaling $490) out of my account then decided not fund the loan.  The loan was supposed to fund the same day the first payment came out.  Afterwards I received and email saying that I was not going to be funded.

       

      I eventually received a voicemail saying they had also decided to keep my money for "underwriting fees" because I put on the applicaton I was one month behind in rent and I am actually two.  Well yes, now I am but that is because it is a month later and they were supposed to pay the back rent out of the loan.

       

      Now they are telling me that it is out of therir hands and they have nothing to do with the decision to keep my money.  The loan was for $10k ($14k paid back in 60 days) and now it cost me about $6k because of broken commitments.    It is too late for me to go through another loan process and I should not of bought the equipment for the new location.

       

      This can't be legal.  Is there anything I can do?